Bushveld Minerals Ltd - Vanadium producer operating in South Africa - Receives an additional ZAR76 million, around GBP3.2 million, from Southern Point Resources Ltd, a London-based investment fund. The payment is part of a subscription agreed between the pair in December for GBP9.9 million, which Southern Point was due to transfer to Bushveld's UK bank account. Payments received to date have been sent to a Bushveld subsidiary's bank account, which the company says would result in further funding delays if these were used to satisfy Southern Points obligations under the subscription agreement. Bushveld adds that it lost 11 and 3 days of production in January at its Vanchem and Vametco projects, respectively, as a result of the delayed settlement.
Following this recent payment, Bushveld has received a total of ZAR116 million from Southern Point, which says that the full amount will be paid no later than February 28.
Current stock price: 1.43 pence each, up 14% in London on Friday morning.
12-month change: down 73%
By Hugh Cameron, Alliance News reporter
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Bushveld Minerals (BMN)